The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support to international institutions.

The Outreach & Education function engages, empowers and educates the public in the Second District. Our outreach mission furthers the Bank’s commitment to the region by listening to the communities we serve and developing programs, analysis and sponsored conferences and clinics to help meet their needs. Our education mission aims to advance public knowledge about the Federal Reserve System and its role in the economy.

banks to sponsor their employees to take the appropriate professional
qualification test to become bank securities representatives;

bank employees to pass the appropriate professional qualification
test as a condition to selling covered products to retail customers;

bank employees to register with the banking agencies by providing
personal history, employment, and disciplinary information that
would eventually be made available to the public;

supervisors of bank securities representatives to pass the appropriate
professional qualification test and register as a bank securities
representative; and

bank securities representatives to participate in continuing education
programs that incorporate the requirements applicable to the securities
industry.

The proposed regulations would promote the safe and sound operation of bank retail securities sales programs and customer protection by establishing standardized qualification requirements for bank personnel engaged in the retail sale of certain securities.

A copy of Part II of the Federal Register of December 30, 1996, containing the text of the joint proposal is available as a (pdf) file. However, the companion notice of forms are available in hardcopy only. Comments thereon should be submitted by February 28, 1997 and may be sent to the Board, as specified in the notices, or to this Bank's Compliance Examinations Department.